Banco Comercial Português — BrandWiki

Banco Comercial Português

Overview

Banco Comercial Português S.A.

type	Public (Sociedade Anónima)
industry	Banking, Financial services
traded as	PSI-20 component
isin	isin: PTBCP0AM0015
foundation	1985
location	Porto, Portugal
key people	Miguel Maya (CEO), Nuno Amado (Chairman of the supervisory board)
products	Retail, corporate banking, investment banking, insurance, fund management
profit	€856.0 million (2023) ‡R1R‡
equity	€7,299.5 million (end 2023) ‡R1R‡
assets	€109.333 billion (Q4 2025)
num employees	15,688 (end, 2023) ‡R1R‡
subsid	, Millennium bcp, Millennium bim, Bank Millennium
homepage	www.millenniumbcp.pt

Banco Comercial Português (BCP, lit. 'Portuguese Commercial Bank') is a Portuguese bank that was founded in 1985 and is the largest private bank in the country. BCP is a member of the Euronext 100 stock index and its current chief executive officer is Miguel Maya Dias Pinheiro. BCP is based in Porto, but its operations are headquartered in Oeiras, Greater Lisbon. It operates a branch brand-dubbed and restyled in 2004 as Millennium BCP as well as Banque BCP and ActivoBank.

It has nearly 4.3 million customers throughout the world and over 695 branches in Portugal. It was ranked at number 1,633 of the world's largest companies in 2023.[2]

BCP has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[3][4]

History

Aborted merger with BPI (2007)

On 25 October 2007, a smaller Portuguese bank, BPI —Banco Português de Investimento ("Portuguese Investment Bank") offered a merger with BCP. The board of BCP initially refused as long as terms were not be revised. The merger talks failed and the two banks didn't reach an agreement.

Former operations in Canada

Bank of Montreal (BMO) purchased the Canadian division of BCP Bank in the summer of 2007. All branches in Canada remained BCP Bank branches until October 2007, when they became BMO branches. These branches continue to operate as specialty branches to Lusophone communities, including Azorean communities in Toronto, Ontario, except the Dundas Street West and University Avenue branches, which have turned towards the Chinese community.

Capital Consolidation

In 2012, Millennium in the middle of the European sovereign debt crisis, BCP received €3 billion in state support through the issuance of contingent convertible bonds with an interest rate of around 10%. [5] [6]

In 2014, Millennium BCP raised €2.25 billion in fresh capital through a rights issue reserved for shareholders. With the results of that the bank repaid €2.25 billion of the CoCo bonds. [7]

As of 2015, Millennium BCP reported a profit of €235.3 million euros, returning to profits after four years of losses.[8]

In 2017 the bank raised another €1.5 billion through a rights issue for shareholders as well as the direct sale of shares to Chinese conglomerate Fosun International. Immediately after that capital raising, Millennium BCP paid off the remaining €700 million in CoCo bonds, thereby regaining its autonomy from the state and ending any possibility of nationalization through a forced conversion of the bonds. The remaining funds from the rights issue will be used to strengthen the bank's capital ratios. The bank estimates it has contributed more than €1 billion to state coffers since 2012, mainly interest paid on the CoCo bonds. [9]

Millennium BCP also operates in Africa through Millennium bim (Banco Internacional de Moçambique) in Mozambique and Banco Millennium Atlântico in Angola.[10][11] One BCP branch is open in Macau, representative offices operate in Brazil, Switzerland, China, and the UK.[11] As of 2023, BCP also owns 19% of Banque BCP in France (80% owned by Caisse d'Epargne Île-de-France).[12]

Previously BCP operated in Greece (Τράπεζα Millennium Bank), Romania (sold to OTP Bank), and Turkey (Fibabanka).[13][14] Banque Privée BCP (Suisse) was sold to Union Bancaire Privée in 2021.[10]

Banco Comercial Português

History

Aborted merger with BPI (2007)

Former operations in Canada

Capital Consolidation

Shareholder structure

Millennium BCP Brand

Operations in Poland

See also

External links

References